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Add to Preferred SourcesA EUR 170m electricity network investment programme by the Hellenic Electricity Distribution Network Operator (HEDNO), a subsidiary of the largest power provider in Greece, PPC, will be supported by the European Investment Bank. The EIB and PPC signed the second loan amounting to EUR 45 million within the total loan facility of EUR 85 million. The EIB will finance 50% of the new scheme that will reinforce and modernise electricity distribution across the Greek mainland and islands and enable the national network to better supply renewable energy.
The importance of new energy investment in Greece and crucial need to upgrade electricity distribution infrastructure to ensure reliable supply was highlighted ahead of the signature of the Financial Contract for the EIB’s long-term loan in Athens earlier today.
“Long-term investment to modernise and reinforce electricity infrastructure across Greece is essential to ensure reliable electricity supply and cater for increased energy needs in the years ahead. The European Investment Bank is a long-standing partner of the Greek energy sector and the EIB’s technical expertise and financial support has strengthened energy investment across Greece for decades. I welcome this new EIB backing that will improve electricity distribution in the years ahead and reflects the firm engagement of the EIB in Greece.” said Mr. Giorgios Stathakis Minister of Energy & Environment.
PPC’s Chairman and CEO Mr. Manolis Panagiotiakis stated that “the role of the Distribution Network, an imperative parameter for the operation of electricity, becomes extremely important for green energy and consumer’s participation, within the European policy framework and in correlation with all relative technological developments. The Greek Distribution Network is a very valuable asset that PPC Group possesses. Within this context, the signing of the second loan agreement amounting to € 45m within the total loan of € 85m, is of exceptional importance and we would like to thank EIB one more time for being here today, facilitating further our strategic plans to reinforce and modernize the Distribution Network across the Greek mainland and islands.. EIB is a strategic financing partner of the Company that supports its investment program with respect to projects of major importance related to PPC’s business plan on the economy, the Greek consumers, the security of supply of the country and the environment.”
“Investment in energy infrastructure is crucial to ensure reliable electricity supply and reflect changing sources of power generation. The European Investment Bank is pleased to provide EUR 85 million to support transformational investment by HEDNO that will modernise the national electricity network, enable increased power consumption reflecting economic growth and improve reliable energy supply to millions of customers across Greece. This builds on the EIB’s strong track record of financing energy investment across Greece, including renewable energy, energy efficiency, interconnectors to islands and electricity distribution.” said Jonathan Taylor, European Investment Bank Vice President responsible for lending operations in Greece.
The 20 year European Investment Bank loan to PPC, parent company of the Hellenic Electricity Distribution Network Operator, was signed by Mr. Manolis Panagiotakis, Chairman and CEO of PPC S.A. and Peter Jacobs, Head of the European Investment Bank’s Investment Team for Greece, in the presence of Greek Energy & Environment Minister Giorgos Stathakis.
Original source: EIB
Published on 12 June 2018